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A person made a fixed deposit of Rs. 30,000 in a bank for 5 years at 10% simple interest per annum. He had to withdraw the whole amount after 3 years to meet the expenses of his daughter’s marriage and he received Rs. 7800 less than what he would have got after 5 years. What is the rate of simple interest per annum paid by the bank for this premature encashment ?
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- 6%
- 7%
- 8%
- 9% 5. In
- 6%
Correct Option: C
As we know that ,
| SI = | |
| 100 |
Let the required rate of interest be R% per annum.
According to question ,
| ∴ | - | = 7800 | ||
| 100 | 100 |
⇒ 15000 - 900R = 7800
⇒ 900R = 15000 - 7800 = 7200
| ⇒ R = | = 8% per annum | |
| 900 |
